Friday, 26 April, 2019


The speech from His Excellency the Minister of Interior:

The Kingdom of Bahrain has been aware of the dangers of money-laundering in the wake of increasing economic and financial activities. These activities have resulted in the appearance of illegal money which is trying to find new ways to gain legitimacy.

The Kingdom has initiated confidential steps to combat this menace. Bahrain was the first country in the Gulf to issue a special decree to combat money-laundering and financing of terrorist activity. This became Law by Decree No. 4 for 2001 and laid down the legal principles and framework to ensure the disclosure of any suspicious financial activity.

The Kingdom also set up a committee to frame policies to curb money laundering, with representatives from the Ministry of Interior and other parties concerned, as well as the Financial Intelligence Directorate to combat money-laundering and financing of terrorist activity which is overseen by the Ministry of the Interior as it is the authorized Directorate to implement the law.

The Law by Decree No. 54 for 2006, an amended version of the Law by Decree No. 4 for 2001 regarding banning and combating money laundering, financing of terrorist activity and illegal cross-border movement of money, was issued in order to be part of the security strategy in the field by actively confronting the menace within the legal framework. This brings together all the penalties necessary to put in place the appropriate deterrents for these crimes. With the amendments, the Kingdom has affirmed its commitment to international resolutions on combating financing of terrorist activity, especially the UN Secretary Council Resolution No. 1373 and September 20, 2001.

The Kingdom has been chosen as the headquarters of the Middle East and North Africa Financial Action Task Force in view of its excellent efforts to combat money-laundering and financing of terrorist activity and its co-operation with the concerned international and regional parties and organizations. This supports the sincere steps the Kingdom has taken at the financial and economic levels and Bahrain is reckoned as the hub of commercial investments and a major international and regional financial centre.

The Financial Intelligence Directorate (FID) was set up by Bahrain under Decree No. 4 for 2001 to prohibit and combat money-laundering. Its first article outlines the definition of the implementation Directorate, it being in charge of implementing the provision of the law.

The Bahrain FID is the Anti-Money Laundering and Anti-Terrorist Financing Enforcement Directorate responsible for receiving, requesting, analysing and disseminating to the detection and supervising authorities the disclosures of financial information concerning suspected proceeds of crimes and alleged money-laundering.

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